In a competitive market, the price of a product: ___________

a. is determined by sellers and the quantity of the product produced is determined by buyers.
b. and the quantity of the product produced are both determined by sellers.
c. is determined by buyers and the quantity of the product produced is determined by sellers.
d. None of the above is correct.

Question

02-02-2022
Business

contestada

In a competitive market, the price of a product: ___________

a. is determined by sellers and the quantity of the product produced is determined by buyers.
b. and the quantity of the product produced are both determined by sellers.
c. is determined by buyers and the quantity of the product produced is determined by sellers.
d. None of the above is correct.

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mboluwape mboluwape · Answer 1 · 2022-02-10T10:45:17+01:00

Competition exists in the market and the price of the product is determined by sellers and the quantity of the product produced is determined by buyers.

What is a competitive market?

A competitive market is a market where many producers compete with each other with the aim to provide goods and services.

The sellers determines how much a product cost.

Therefore, the price of the product is determined by sellers and the quantity of the product produced is determined by buyers.

Learn more on competitive market here

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